Review Lesson 1

Directions: Answer each question below by writing a strong paragraph that includes supporting information from the lesson. Please cite your outside resources.

A strong paragraph includes a minimum of three to five details from the lesson and is written in Academic English form. For more information on Academic English form, refer to the documents in the Orientation.

1. Indicate if each newspaper headline below deals with a microeconomics (micro) or a macroeconomics (macro) issue.

Pepsi to Introduce a New flavor

Russia Devalues Currency

Red Cross Needs Blood

Microsoft Still Tied-Up in Legal battle

Federal Reserve Lowers Interest Rates

Congress to Tackle Social Security

Unemployment Reaches 20-Year Low

Catholic Church Recruits More Priests

Wal-Mart to Open 10 New Stores this Year

China Tries to Limit the Number of Births

YMCA Seeks Volunteers

U.S. Trade Deficit Widens

Library Extends Hours

CBS Has New Fall Line-Up

Michigan State Wins Four in a Row

2. Identify three decisions that you (micro) have made recently.

3. Identify three decisions that our government (macro) has made recently. Use the internet, the newspaper, or television news to research this information.

4. List three resources that you allocate daily. Identify three ways in which you come by these resources.

5. Identify three material things you would like to own. Are these needs or wants? Explain.